vs
Quad/Graphics, Inc.（QUAD）与TRINET GROUP, INC.（TNET）财务数据对比。点击上方公司名可切换其他公司
TRINET GROUP, INC.的季度营收约是Quad/Graphics, Inc.的2.0倍（$1.2B vs $630.6M），TRINET GROUP, INC.同比增速更快（-2.2% vs -11.0%），Quad/Graphics, Inc.自由现金流更多（$137.2M vs $43.0M），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% vs -1.9%）
奎德图形是一家总部位于美国威斯康星州萨塞克斯的营销服务企业，主营各类印刷与营销服务，业务覆盖受众定向、全渠道媒体策划投放、创意内容制作、零售展示包装、邮件优化及消费者分析等领域，可同时服务实体与数字媒体渠道。2025年，该企业位列美国大型广告集团、北美大型商业印刷企业之列。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
QUAD vs TNET — 直观对比
营收规模更大
TNET
是对方的2.0倍
$630.6M
营收增速更快
TNET
高出8.8%
-11.0%
自由现金流更多
QUAD
多$94.2M
$43.0M
两年增速更快
TNET
近两年复合增速
-1.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $630.6M | $1.2B |
| 净利润 | — | — |
| 毛利率 | 21.6% | — |
| 营业利润率 | 5.9% | 0.1% |
| 净利率 | — | — |
| 营收同比 | -11.0% | -2.2% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $0.22 | $0.02 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收QUADTNET
| Q4 25 | $630.6M | $1.2B | ||
| Q3 25 | $588.0M | $1.2B | ||
| Q2 25 | $571.9M | $1.2B | ||
| Q1 25 | $629.4M | $1.3B | ||
| Q4 24 | $708.4M | $1.3B | ||
| Q3 24 | $674.8M | $1.2B | ||
| Q2 24 | $634.2M | $1.2B | ||
| Q1 24 | $654.8M | $1.3B |
净利润QUADTNET
| Q4 25 | — | — | ||
| Q3 25 | $10.2M | $34.0M | ||
| Q2 25 | $-100.0K | $37.0M | ||
| Q1 25 | $5.8M | $85.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-24.7M | $45.0M | ||
| Q2 24 | $-2.8M | $60.0M | ||
| Q1 24 | $-28.1M | $91.0M |
毛利率QUADTNET
| Q4 25 | 21.6% | — | ||
| Q3 25 | 22.8% | — | ||
| Q2 25 | 21.6% | — | ||
| Q1 25 | 20.6% | — | ||
| Q4 24 | 22.4% | — | ||
| Q3 24 | 21.8% | — | ||
| Q2 24 | 22.1% | — | ||
| Q1 24 | 20.4% | — |
营业利润率QUADTNET
| Q4 25 | 5.9% | 0.1% | ||
| Q3 25 | 4.5% | 4.1% | ||
| Q2 25 | 2.4% | 4.1% | ||
| Q1 25 | 3.1% | 8.9% | ||
| Q4 24 | 2.8% | -2.9% | ||
| Q3 24 | -0.7% | 4.7% | ||
| Q2 24 | 2.4% | 6.5% | ||
| Q1 24 | -1.6% | 9.7% |
净利率QUADTNET
| Q4 25 | — | — | ||
| Q3 25 | 1.7% | 2.8% | ||
| Q2 25 | -0.0% | 3.0% | ||
| Q1 25 | 0.9% | 6.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | -3.7% | 3.6% | ||
| Q2 24 | -0.4% | 4.9% | ||
| Q1 24 | -4.3% | 7.2% |
每股收益（稀释后）QUADTNET
| Q4 25 | $0.22 | $0.02 | ||
| Q3 25 | $0.21 | $0.70 | ||
| Q2 25 | $0.00 | $0.77 | ||
| Q1 25 | $0.11 | $1.71 | ||
| Q4 24 | $0.11 | $-0.44 | ||
| Q3 24 | $-0.52 | $0.89 | ||
| Q2 24 | $-0.06 | $1.20 | ||
| Q1 24 | $-0.60 | $1.78 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $63.3M | $287.0M |
| 总债务越低越好 | $369.9M | — |
| 股东权益账面价值 | $-59.5M | $54.0M |
| 总资产 | $1.3B | $3.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资QUADTNET
| Q4 25 | $63.3M | $287.0M | ||
| Q3 25 | $6.2M | $321.0M | ||
| Q2 25 | $6.7M | $407.0M | ||
| Q1 25 | $8.1M | $349.0M | ||
| Q4 24 | $29.2M | $360.0M | ||
| Q3 24 | $12.5M | $301.0M | ||
| Q2 24 | $12.8M | $249.0M | ||
| Q1 24 | $10.2M | $383.0M |
总债务QUADTNET
| Q4 25 | $369.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $377.1M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益QUADTNET
| Q4 25 | $-59.5M | $54.0M | ||
| Q3 25 | $96.7M | $110.0M | ||
| Q2 25 | $87.0M | $107.0M | ||
| Q1 25 | $87.4M | $63.0M | ||
| Q4 24 | $-131.2M | $69.0M | ||
| Q3 24 | $50.9M | $129.0M | ||
| Q2 24 | $79.1M | $100.0M | ||
| Q1 24 | $89.2M | $143.0M |
总资产QUADTNET
| Q4 25 | $1.3B | $3.8B | ||
| Q3 25 | $1.3B | $3.4B | ||
| Q2 25 | $1.2B | $3.7B | ||
| Q1 25 | $1.2B | $3.8B | ||
| Q4 24 | $1.3B | $4.1B | ||
| Q3 24 | $1.4B | $3.7B | ||
| Q2 24 | $1.4B | $3.7B | ||
| Q1 24 | $1.4B | $4.0B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $145.9M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $137.2M | $43.0M |
| 自由现金流率自由现金流/营收 | 21.8% | 3.4% |
| 资本支出强度资本支出/营收 | 1.4% | 1.4% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $50.7M | $234.0M |
8季度趋势，按日历期对齐
经营现金流QUADTNET
| Q4 25 | $145.9M | $61.0M | ||
| Q3 25 | $-8.4M | $72.0M | ||
| Q2 25 | $47.4M | $75.0M | ||
| Q1 25 | $-89.0M | $95.0M | ||
| Q4 24 | $158.8M | $65.0M | ||
| Q3 24 | $2.4M | $84.0M | ||
| Q2 24 | $3.9M | $39.0M | ||
| Q1 24 | $-52.2M | $91.0M |
自由现金流QUADTNET
| Q4 25 | $137.2M | $43.0M | ||
| Q3 25 | $-20.6M | $55.0M | ||
| Q2 25 | $34.4M | $57.0M | ||
| Q1 25 | $-100.3M | $79.0M | ||
| Q4 24 | $147.3M | $47.0M | ||
| Q3 24 | $-9.8M | $59.0M | ||
| Q2 24 | $-11.7M | $22.0M | ||
| Q1 24 | $-70.1M | $73.0M |
自由现金流率QUADTNET
| Q4 25 | 21.8% | 3.4% | ||
| Q3 25 | -3.5% | 4.5% | ||
| Q2 25 | 6.0% | 4.6% | ||
| Q1 25 | -15.9% | 6.1% | ||
| Q4 24 | 20.8% | 3.7% | ||
| Q3 24 | -1.5% | 4.8% | ||
| Q2 24 | -1.8% | 1.8% | ||
| Q1 24 | -10.7% | 5.8% |
资本支出强度QUADTNET
| Q4 25 | 1.4% | 1.4% | ||
| Q3 25 | 2.1% | 1.4% | ||
| Q2 25 | 2.3% | 1.5% | ||
| Q1 25 | 1.8% | 1.2% | ||
| Q4 24 | 1.6% | 1.4% | ||
| Q3 24 | 1.8% | 2.0% | ||
| Q2 24 | 2.5% | 1.4% | ||
| Q1 24 | 2.7% | 1.4% |
现金转化率QUADTNET
| Q4 25 | — | — | ||
| Q3 25 | -0.82× | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | -15.34× | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | — | 1.00× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
QUAD
| Catalog Publications Retail Inserts Books And Directories | $300.6M | 48% |
| Direct Mail And Other Printed Products | $147.1M | 23% |
| Imaging Marketing Services And Other Services | $79.8M | 13% |
| Logistic Services | $61.4M | 10% |
| Other | $39.3M | 6% |
| Other Revenues | $2.4M | 0% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
